The Ancelotti Family are one of the "Five Families" that control organized crime in Liberty City. The family's criminal empire is based in Alderney City and Algonquin, mainly around the Little Italy area. They are apparently the weakest of the Five Families, going to the extent of hiring Albanian thugs for extra muscle. Because of this, the Ancelottis are often the target of the Pegorino Family and their hired muscle, the Irish Mob. Despite the family's small size, they still appear to be able to intimidate people, judging by some of the in game dialogue. This could be due to things that they have done in the past that remain as of yet unexplained. They also start to work with the Faustin Family, earning the wrath of the Gambetti Family, who consider it an insult to work with foreign crime syndicates. After the events of the storylines, the family is ruined. Most of the reputed members have been murdered, apart from family Don Giovanni Ancelotti and his daughter Gracie.

The family's main/favorite car is the Cognoscenti, seen driven more by them than anybody.

The Ancelotti family may be based on the Colombo Crime Family, the least influential family of New York, even though the Colombos are just based in Brooklyn and don't have a heavy influence in New Jersey. Like the Colombo Family, the Ancelottis are one of the smaller families of New York City.